Consumers
When are consumers most likely to rely on price as an indicator of quality?
When they are uncertain about a product
This type of branding involves using marketing several different products under the same brand name.
Individual branding
What term refers to the process of gathering environmental data to identify future threats and opportunities?
Environmental scanning
What are the four criteria of good market segmentation?
Substantiality, accessibility, identifiability, & responsiveness.
This type of branding involves using marketing several different products under the same brand name.
Family branding
Name at least three types of differences that can affect consumer decision making.
Individual, cultural, social, demographic, psychographic, etc.
List the four main differences between services and products.
Intangibility, inseparability, heterogeneity, perishability
What are the two strategic planning strategy tools mentioned in class?
Ansoff's Growth Matrix & the BCG model
What are the main segmentation bases discussed in class?
Usage-rate segmentation
Benefits segmentation
Geographic segmentation
Psychographic segmentation
Demographic segmentation
What are the 3 types of values talked about in class?
Utilitarian value
Hedonic value
Perceived value
A store offers consumers a 50% discount when they purchase over 10 packets of tuna. This is an example of what tool used to fine-tune base price?
Quantity discounts
What are the three types of co-branding?
Ingredient cobranding, cooperative cobranding, complementary cobranding.
What are the 4 strategies in Ansoff's Growth Matrix?
What are the main targeting strategies discussed in class?
Undifferentiated targeting
Concentrated targeting
Multisegment targeting
True or false: Producers are business consumers concerned with something other than traditional business goals such as profits and market share.
False
How does interest affect involvement?
Higher interest = higher involvement
Which type of product requires a moderate amount of involvement, comparison shopping, is usually more expensive, and is found in fewer stores?
Shopping product
What are the two axes of the BCG model?
Relative market growth & relative market share
Describe the differences between each type of targeting strategy.
Undifferentiated = targets everyone
Concentrated = targets one segment
Multisegment = targets multiple segments
If a service is directed at a customer, that service would be considered a _____________ service.
People processing
A woman walks into an office supply store looking for a planner. She notices there is an entire aisle filled with several options. After scanning her options, she decides on the planner with the lowest price compared to the many other options in the aisle. In this case, her demand for a planner was very price elastic. Which factor of price elasticity most likely led to her elastic demand?
Availability of substitutes
What is planned obsolescence?
Modifying products so those that have already been sold become obsolete before they actually need replacement
What marketing orientation focuses on consumers' wants, needs, and the common good.
Societal marketing orientation
What type of targeting is the most commonly used?
Multisegment
What are the 4 types of services?
Possession processing
Mental stimulus
People processing
Information processing